NSE LIVE! High-cap stocks drag equities down

In from Success Allantee …
The Nigerian equities market sustained a second consecutive day in the red as losses suffered by some highly capitalised stocks overshadowed widespread gains by several stocks. The benchmark index at the Nigerian Stock Exchange (NSE), the All Share Index (ASI), dropped by 1.60 per cent, equivalent to a loss of N164 billion. The sustained downtrend built up the negative average year-to-date return to -15.19 per cent.
Aggregate market value of all quoted equities dropped from its opening value of N10.272 trillion to close at N10.108 trillion. The ASI also slipped from 29,870.86 points to close at 29,393.77 points.
While there were 24 gainers to 23 losers, the overall market situation was coloured by losses recorded by some highly capitalised stocks, especially in the building materials and food sectors. Nestle Nigeria; NSE’s highest-priced stock led the losers’ list with a loss of N9.79 to close at N830. Dangote Cement, Nigeria’s most capitalised quoted company, followed with a loss of N8.70 to close at N165.30. Seplat Petroleum Development Company declined by N7.25 to close at N225.21. Lafarge Africa dropped by N4 to close at N97. PZ Cussons Nigeria lost N1.33 to close at N25.28. Flour Mills of Nigeria declined by N1.16 to close at N22.06. Northern Nigeria Flour Mills dwindled by 52 kobo to close at N9.95. Nigerian Breweries dropped by 50 kobo to close at N124. Union Bank of Nigeria slipped by 30 kobo to N5.82 while Access Bank declined by 27 kobo to close at N5.02 per share.
“Today’s negative market performance was mainly driven by sell-offs in industrial goods heavyweights. We believe this is linked to news flows around reduction in price of Cement. Nonetheless, we advise investors to trade cautiously while taking advantage of value stocks trading at low prices, “Afrinvest Securities stated. Dangote Cement had said it was reducing cement price by N300per bag.

You may also like: NSE LIVE! Equities relapse as selling pressure returns

The total volume of shares traded dropped by 37.75 per cent to 273.68 million shares valued at N2.9 billion in 3,733 deals. Zenith Bank was the most active stock with a turnover of 45.391 million shares valued at N692.16 million. United Bank for Africa placed second with a turnover of 42 million shares valued at N146 million. Access Bank followed with a turnover of 32.3 million shares worth N160 million.
“We anticipate another round of bearish trading at tomorrow`s session being the last day of the week,” analysts at SCM Capital stated.
On the upside, Stanbic IBTC Holdings led the gainers with a gain of N1.20 to close at N23.20. International Breweries followed with a gain of 85 kobo to close at N17.86. Guaranty Trust Bank rose by 22 kobo to close at N23.90. United Bank for Africa gathered 16 kobo to close at N3.46 while Ikeja Hotel and UAC of Nigeria added 15 kobo each to close at N3.27 and N33.40 per shares.

RipplesNigeria …without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now